back to a sharp drop in the price of oil and fears of the impact of the spread of a coronavirus. business africa is coming right up with the benefits will then stay with us says. is the german race to destroy so. we are moving the basic elements of our existence. reducing too much noise and moving colder juice along. the coasts making cold water supplies one last forever. but.

when the rain storm. starts march 20th comes to w. . the studio today don't miss our highlights. program. w dot com highlights. the law. it is scrapping it as a black monday and the price of. the reaction on african exchanges. and. the cost of crude continues to. push the price for it. and the once thriving tourism industry of mali.

totally destroys the livelihoods of many business people. a day of drama in global financial markets fears of the coronavirus leave a trail of turbulence across the world share prices plunge billions of wiped off the value of coble indices the latest major casualty the dow jones industrials average more than 7 percent of its value was wiped off in the 1st minutes of the trading day and that emergency 15 minutes suspension it's no better in europe in germany the dax closed around 8 percent down the gains of the past year were almost wiped out that was closely followed by the footsie $100.00 in london which source similar plunge out of the gates also closing just shy of 8 percent in the red the price of a barrel of oil has collapsed it's seen and its story of the saudi arabia increased production to try to pressure russia into closer coordination dispute coming as oil

demand weakens ju-ju the coronavirus i asked business journalist. to tell us how widespread the stock shock is across africa exchanges it's very difficult to work out the really because most of most of the. stock markets are not very liquid. the biggest company which is called was down 8 percent i mean you know that's just one company which accounts for the bulk of the. nairobi stock exchange. has been felt has been in south africa where stock market the stock market has fallen about 6 percent and that's the lowest level we've seen since the 2008 financial crisis. underperform during the day or subtle. is

a chemical. company. the stock fell more than 40 percent and that's i mean it's. compounding the problem that this company has been having in the market because as you would remember they've got the giant project in the us call which is aimed at you know boosting its chemical you know it's a chemical output and produces fleets reliance on. on full. so tell me is that talk of stimulus measures to soften this blow. as yet there hasn't been any talk of something like that. as well as as this has just happened i think the news broke at the weekend when the saudis decided to you know it's too used to gate a price war with russia so i think. if they are thinking about it they it's something that you know they would you would they would have to do in the coming days or not with a basis rushing to

a safe havens today where does that leave africa. it's a. it's a problem that you that you would see happening like across major imagery markets as well where you know if you if you know if the world is frightened those that are bearing the brunt will be major markets and africa is one of them i guess i mean what you know what authorities what people maybe starting to talk about is whether or not interest rates could be increased to ensure that currencies are protected enter unties global investors with a high yield in assets. though we do you know we do know that with the you know with the flight to it's a safe haven us and it's one of those assets is gold and you know we've got you know south africa as one of the major producing countries. in africa we've got

mali we've got got now so you could see the benefit of you know of that flight to say for his safe haven ah so it's. coming through to africa and african countries like as i mentioned. i have a coast south africa and mali itself thank you very much for joining us. and for a look at the carnage on the frankfurt floor today. his chelsea delay it's been a historic day for markets here in frankfurt the docks closed down about 8 per cent that's nearing similarly a large drop drops and stocks from europe to the u.s. to the middle east and investors had already been on edge coming into this week because of the spread of coronavirus over the past 2 weeks and the dramatic economic implications of quarantine measures taken by governments including the locked out and quarantine of about 16000000 people and italy over the weekend but

now adding to that fear and bastards are grappling with a potential price war from saudi arabia and iran russia and the global market thought led to a 30 percent decline and oil prices on monday and really spooked the markets investors now are really putting their hopes on central banks and governments to step then to an employment measures to offset the economic impact of the coronavirus an oil price shock but investors are at this point really preparing for a global recession. so the other reason markets are miss price war breaking out among the major oil producers the oil cartel opec has failed to get nonmember rusher on board in cutting production to counteract the slump in demand caused by the growth of ours now saudi arabia is slashing prices. smiles betrayed and overriding disappointment last week's meeting between opec representatives and

russia was supposed to end with a deal to cut over production in response to plummeting demand. anything to you. from frustrated. was no the russians saying they would not be lowering put. over the weekend saudi 1st stray ssion boiled with riyadh announcing its biggest oil price cut for 2 decades. far from slashing production the saudis are now ramping up output from their fields to make up for lost revenues from already tumbling prices. but flooding the market with cheap crude has had the effect of driving down prices globally in early asian trading on monday they hit a nice 16 year low. and the 1st equity markets to begin the week posted extraordinary losses australia's finance minister tried to reassure australians the

economy was still strong after stocks in sydney tumbled us there was the same story on markets across asia what started with an attempt by oil producers to respond to the economic shock of coronavirus has ended with oil and equity in free for the covered $900.00 outbreak has just registered another symptom. shows in india struggling lender yes bank of jumped more than 30 percent after tanking on friday on fears it will collapse last week the reserve bank of india took control of the company and imposed cash withdrawal limits it now says it intends to invest in a 49 percent stake in yes bank as part of a brace you package and the deposit is need not worry about this a bit. thousands of travel companies hotels and small businesses face bankruptcy in mali years of unrest of destroyed a once thriving tourism industry officials have tried luring in the chinese to

visit what they call the real africa but it's not a real holiday if armed soldiers are at every site and bombs are going off there are close to 15000 knew when blue helmets stationed in mali to keep a fragile peace. region trip down the niger river taking in the landmarks of mali's capital bamako. once a very lucrative business for captain dowden but data today he's happy to get even one paying customer aboard his barrow whose business is all but collapsed since the crisis began 8 years ago. i used to carry people and goods on large boats all the way to go. with the crisis i've only got 2 small boats left in bamako for tourists that you don't see any more of either. hoteliers are also suffering before 2012 malise historic sites were major tourist attractions the deteriorating

security situation means hotel operators wait in vain for customers like john close to see owner of the hotel near a bull who. look at the hotels completely empty you can tell by the keys they're all standing in the box is that. if the hotel was full they'd be lying flat. that we only have 4 molly and guests. that we give the last foreign tourist here left 5 years ago that we've not seen any since. we've been. outside the mervo the street has changed completely most of the bars and hostels long gone. this was one of the liveliest streets in bamako. there were loads of tourists nowadays it's empty nothing works anymore. total desolation. if you like your foreign

visitors have slowed to a trickle down the loss of revenues is ruining livelihoods. traditional mali and works of art on finding buyers nowadays many of the artisans can barely survive. the mali to is to authorities madidi has been searching desperately for some way of revitalizing the sector. we've got to focus on domestic tourism in the past it was always about foreign tourists so far mali and 7 shown any interest but it's our aim. but i don't have a daughter is back from his trip down the niger he had 3000000 guests on board and will be the last for today as well. as he treated no one was waiting on the jetty when he got back just like every day. and specialists working to save struggling south african airways have announced they'll open talks on job cuts they say their

intention is to save as many jobs as possible but they announce that all of the company's 4700 employees could be affected s.a.a. has been under bankruptcy protection since december the airline has failed to turn a profit over the last decade forcing the government to bail it out several times. nice doing business with you.

marketed demonstrations uncompromising gimmicks extinction rebellion massive protest movement against climate change. their supporters call for big change from the many quickly. on a movement to goal to save the planet to extinction rebel movement protest before he comes to town is going to suck up. to 60 minutes long.

and. cast blame which of course it. this is coming up in the next 15 minutes prime minister. abdullah was back on the job meeting with cabinet officials offer an attempt on his life an explosion when told envoy on monday morning. europeans vales that african strategy was the commissioner in charge whether it's just.